The regulatory body of the Victorian Energy Upgrades program has set a greenhouse gas emission reduction target of 40.6 megatonnes for the 2021-25 period that will require an average annual increase of 22-27 percent in energy savings.
It will be a significant step in achieving the Victoria state’s net-zero emissions target by 2050.
What is the Victorian Energy Upgrades Program
Victorian Energy Upgrades(VEU) by the government of Victoria encourages and helps Victorian businesses & households in saving money on upgrading lighting costs, cutting energy costs and contributing to the environment. This Victorian Government program is providing households and businesses with access to discounted or free LED lights replacements in Victoria through accredited providers.
How does Victorian Energy Upgrades work?
Every replacement or upgrade allows accredited providers to generate Victorian Energy Efficiency Certificates(VEECs). Each VEEC certificate represents one tonne of GHG(generated by a coal power plant) that has been prevented from entering our atmosphere(by saving electricity). Accredited providers then sell these certificates to energy retailers. 
The Victorian Government sets annual greenhouse gas reduction targets that require energy retailers to buy a certain number of certificates. The target increases each year and it is 6.5 million tonnes for 2020. 
The following lighting upgrade activities are supported under the Victoria state government program.
Residential Lighting Upgrade
Halogen & Fluorescent lights replacement via the Victorian Energy Upgrades program
All Victorian households that have old light such as incandescent lamps, halogen lamps, and CFLs are eligible to participate.
Commercial and Industrial lighting Upgrade
All Victorian businesses that have power guzzling lights such as metal-halides, halogen high bays, and Fluorescent downlights installed eligible to participate.